BILLERICA, Mass., Aug. 19, 2019 (GLOBE NEWSWIRE) -- OrboGraph has been recognized by CFO Tech Outlook Magazine as one of the “Top 10 Financial Fraud Detection Solutions Providers” for 2019. OrboGraph is a premier developer and supplier of intelligent electronic and paper automation in recognition solutions, image validation and check fraud detection in the U.S. check processing market, as well as in healthcare revenue cycle management.
The article title, “Securing Payments with Image Analysis, AI and Automation,” highlights that there is a transformation taking place in the financial industry. A platform modernization wave is currently focused on select legacy payments, i.e. check fraud prevention, due to financial institutions (FIs) continuing to see losses compound due to security gaps from outdated, analytics-based systems.
To address these security gaps, Anywhere Fraud utilizes self-learning algorithms to develop a robust, behavior profile, addressing a wide range of accounts, including retail, treasury, HELOC and internal bank for both on-us and transit transactions. Powerful image analysis technologies, including check stock verification (CSV), automated signature verification (ASV) and check style analysis (CSA), blended with transactional analysis, score and identify counterfeits, forgeries, and alterations. Individual data elements can also be used for downstream machine learning systems.
Additionally, Anywhere Validate and Anywhere Payee mitigate payment negotiability risk for multiple check deposit workflows, such as Mobile RDC or ATM deposits by validating payee against account holder names and testing 20+ attributes of the check image, including date and maker fields.
Co-President of OrboGraph, Barry Cohen, explains the impact of image analysis with new fraud capabilities, “A client integrated OrboGraph’s image analysis with its legacy analytics system, resulting in a reduction of fraud loss of nearly $3M on a yearly basis. In another instance, a large bank implemented an end-to-end suspect review platform, which resulted in reducing fraud defects to only 3 per million items processed… that’s better than Six Sigma!”
OrboGraph recognizes the needs of the market by staying ahead of the game. “Banks and financial institutions are reaching out to their technology vendors for solutions that can not only reduce fraud and mitigate risk, but can also reduce the overhead on their fraud departments for manual review,” stated Joe J. Gregory, VP of Marketing at OrboGraph.
This article is available for viewing in PDF or online.
For more information, please contact Joe Gregory at joe.gregory@orbograph.com.
About OrboGraph
OrboGraph (www.orbograph.com), a subsidiary of Orbotech, is a premier developer and supplier of intelligent electronic/paper automation solutions in healthcare revenue cycle management (RCM), as well as recognition solutions, payment negotiability and check fraud detection for the U.S. check processing market. Nearly 4,000 financial institutions, service bureaus, clearinghouses and billers rely on OrboGraph technology to process billions of checks, EOBs, correspondence letters and claims annually.
Press Contact:
Joe Gregory
Vice President of Marketing
joe.gregory@orbograph.com
978-667-6037 Ext. 5046